Cyril Amarchand Mangaldas (CAM) yesterday announced the successful conclusion of Cohort 2 of its legal tech incubator ‘Prarambh’. Conduct, Presolv360, and PropertyChek completed the incubation program.
CAM, a leading law firm, announced the incubator first in 2019 and launched the first cohort in October 2019. It launched the second cohort in October 2020 for a 16-week virtual incubation program for legal tech startups in the ‘development and/ or ready to scale’ stage. The firm chose 3 startups from a pool of 24 applications.
The theme of the program was ‘access to justice, increasing transactional efficiencies, improving law firm operations, improving litigation competencies, accessing government programs and reforms and the remote workforce.’
About the competing startups
CAM chose three startups for the program, with varied offerings. Conduct is a culture-compliant tech solution focused on bringing data at the forefront of diversity & inclusion building and management at the workplaces.
On the other hand, Presolv360 focuses on online dispute resolution. It facilitates and administers dispute resolution services via its “cloud-based end-to-end dispute resolution platform”. It specializes in small to mid-value commercial dispute resolution.
Lastly, PropertyChek is India’s first Property Legal Process Management SaaS (Software as a service) platform. It helps banks and financial companies conduct title due diligence and registrations before issuing loan mortgages for real estate properties.
How does the incubator help startups?
According to a press release, CAM’s innovation team, mentors, and experts, customized and structured programs to help start-ups enhance their product capabilities in line with industry and client requirements. Further, they helped them develop diverse skills required to rapidly scale up.
The program included sessions on governance, risk & compliance, product improvement, pitching and funding, marketing & business development, etc.
Talking about Cohort 2, Ms. Komal Gupta, Chief Innovation Officer, Cyril Amarchand Mangaldas, said that the cohort was focused on ready-to-scale start-ups, which helped us clearly define goals for each of them and create a tailor-made program where the start-ups and their Founders could grow professionally as well as in person. She added:
“We had guest mentors from across the globe to mentor the start-ups which helped in expanding our vision. I am sure these start-ups will have a powerful and positive impact on the LegalTech landscape in India. Prarambh has had a significant impact on the domestic legal market encouraging entrepreneurs to develop scalable solutions for the legal industry and also warming up clients and investors to LegalTech. Prarambh has made LegalTech a category in incubator and accelerator applications – a category that never existed [in India before].”
Mr. Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas, said that India’s legal industry needs dynamic LegalTech solutions, now more than ever. He added, “Businesses are looking to improve and sustain work efficiency in virtual environments. With Prarambh, we aim to supplement this need and pave the way for growth of LegalTech solutions in India”.